SiC Power Semiconductor Market Analysis
The SiC power semiconductor market size was valued at USD 0.2 billion in 2022. The SiC power semiconductor industry is projected to grow from USD 0.25 Billion in 2023 to USD 1.64 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 26.30% during the forecast period (2023 - 2032).
Various factors are propelling the global SiC power semiconductor market share. According to the recent MRFR report, such factors include growing demand for power electronics across different industry verticals like defense, medical, and aerospace, rise in the number of modern applications that need SiC power devices, the growing need for power efficiency in industrial applications and automotive electronics, and increasing number of charging infrastructure, renewable power, and rail traction.
On the contrary, high wafer cost needed to produce silicon carbide-based semiconductors, challenges related to designing, and the impact of the on-going COVID-19 pandemic are factors that may limit the global SiC power semiconductor market growth over the forecast period.
SiC Power Semiconductor Market Regional Analysis
By region, the global silicon carbide power semiconductors market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Among these, the APAC region will spearhead the market over the forecast period. Expansion of LTE and 4G network, the proliferation of cellular base station and RF, increase in energy efficiency projects, favorable initiatives by the government to develop solar power, and massive investments from key players are adding to the SiC power semiconductor market growth in the region.
The global SiC power semiconductor market in Europe is predicted to hold the second-largest share over the forecast period. Substantial demand from the automotive industry, booming automotive industry, and the presence of top players are adding to the global SiC power semiconductor market growth in the region. Germany holds the utmost share in the market.
The global SiC power semiconductor market in North America is predicted to have healthy growth over the forecast period. High investments on research and development activities, coupled with the presence of top silicon carbide manufacturers, are adding to the global SiC power semiconductor market growth in the region.
The global SiC power semiconductor market in the Rest of the World is predicted to have sound growth over the forecast period.
SiC Power Semiconductor Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global SiC power semiconductor market based on end user, application, wafer size, and device.
By device, the global SiC power semiconductor market is segmented into SiC bare die devices and SiC discrete devices. The SiC discrete devices are again segmented into module, diode, and MOSFET. Of these, the module segment will lead the market over the forecast period.
By wafer size, the global SiC power semiconductor market is segmented into 6-inch, 4-inch, and 2-inch. Of these, the 4-inch segment will dominate the market over the forecast period.
By application, the global SiC power semiconductor market is segmented into railway traction, industrial motor drives, EV motors, power grids, power supply and inverter, RF devices and cellular base stations, and others. Of these, the power supply and inverter segment will have a major share in the market over the forecast period.
By end user, the global SiC power semiconductor market is segmented into electronics, industrial, automotive, energy and power, telecommunication, and others. Of these, the automotive segment will command the largest share in the market over the forecast period.
SiC Power Semiconductor Market Key Players
Eminent contenders profiled in the global SiC power semiconductor market report include Infineon Technologies AG, ON Semiconductor, Cree Inc., STMicroelectronics NV, Mitsubishi Electric Corporation, and others.
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